AkinovA consolidates its position in Bermuda with board appointment
AkinovA, the electronic insurance marketplace that in January became the first new regulated insurance market since Lloyd’s, has named Dennis Mahoney as non-executive chairman of its wholly-owned regulated Bermuda business.
Mahoney is based in Bermuda and joins Tom Heise on AkinovA Bermuda’s board. Henri Winand, AkinovA’s chief executive officer, said Mahoney “will provide focus on key client-facing programmes and new products as well as ensuring AkinovA remains neutral with the right governance structure and industry representation.”
Mahoney has served in various senior roles at Aon, including chairman of Aon Global. He is a former chairman of the World Insurance Network (WIN) and president of the Insurance Institute of London, and served at ACORD, the insurance industry standards body.
He was also part of the Troika for the UK government, set up in the aftermath of the 9/11 New York terror attack to keep airports operational and airlines flying.
Mahoney said: “AkinovA is squarely positioned on exponential trends, whilst much of the traditional insurance industry is not. The GDP-like linear growth trendline evidenced by most carriers is indicative of the current risk transfer cost chain from insured to capital. The often new and ever greater challenges such viral, cyber and climate pandemics require far more financial and intellectual capital than ever.”
Mahoney cited social inflation, ultra-low interest rates and inadequate reserves as factors that have all affected insurers’ balance sheets, arguing society has come to see the re/insurance industry as a safety net for all ills. Meanwhile, he said, insureds face dramatically increased premiums, reduced limits, reduced coverage and reduced choice due to consolidation.
“It is time to reconfigure the linear approach into a more focused, concentric and inclusive electronic marketplace,” he said. “AkinovA can be the marketplace to foster growth of an ecosystem of insureds, brokers, insurers, investors, analytics, data and service providers.”